Neel Kashkari has been named the interim head of the new Office of Financial Stability within the United States Department of Treasury. The Office of Financial Stability was created under the Emergency Economic Stabilization Act of 2008, previously discussed here. As the Interim Assistant Secretary for Financial Stability, Mr. Kashkari will oversee the Troubled Asset Relief Program (TARP), discussed here, here, and here, which is charged with the duty to purchase troubled assets from financial institutions.
Prior to this interim appointment, Mr. Kashkari was the Assistant Secretary of the Treasury for International Economics and Development, a position he still currently holds. His International Affairs responsibilities will be delegated to Assistant Secretary for International Affairs Clay Lowery for the interim period.
Before joining the Treasury in July 2006, Mr. Kashkari was a Vice President at Goldman Sachs & Co. in San Francisco where he led Goldman's IT Security Investment Banking practice, advising public and private companies on mergers and acquisitions and financial transactions.